April 12, 2011
Oh my gosh, it’s tax time again. Didn’t this happen last year?
Uh, regrettably it happens every year. But for most us most of our taxes are already paid. In case you haven’t noticed, taxes are withheld from your paycheck. If you’re working that is and getting one.
We’re in the money now.
Did you know you received a tax cut from President Obama? Well, if you didn’t, you did – get a tax cut that is. Not only did you get one in 2010, but you got one in 2009. Something called the Making Work Pay tax cut. If you didn’t know you got one, that’s because the IRS adjusted withholding tables to reflect the cut so you got it in your pay check.
Yes, that’s right. It’s in their somewhere but you have to look for it. Maybe you just didn’t look hard enough. Or maybe you just didn’t notice it because your take home pay decreased because your health insurance payment increased more than your tax cut so that the payment more than offset the cut.
Did you know that you received a tax cut from President Obama in 2011? That’s right you did. You are paying less FICA this year than you did last and the difference is in your check. Look hard now because it’s in there, trust me on this.
Well maybe you didn’t notice it because because your take home pay was less because your health insurance increase more than offset your tax cut.
So why didn’t you know President Obama gave you a tax cut three years running? Probably because the economic Einsteins who advise the president thought it would be better to put the cut in your paycheck so you would spend it and thereby provide an economic stimulus rather than give you a lump sum check so you would know you got a cut but would use the check to pay a bill instead of spending it.
Now aren’t you happy. You not only got a tax cut. But you stimulated the economy as well.
THE WALL STREET T-REX
In Economics on April 11, 2011
We all know what must be done: End the wars, cut defense and raise taxes on the wealthy. There is no will in Congress or the White House to make any of this happen. So the small people will be forced to pay and pay and pay again whether our rulers call themselves Democrats or Republicans.
The cause of the most recent economic calamity, simply put, was irresponsible, if not downright criminal, behavior on the part of the barons of Wall Street. That behavior has hardly been reined in and could at this very moment begin anew.
And the banks will be bailed out again and again as many times as necessary as soon as the barons of Wall Street place a phone call or two to our rulers in the Capital.
So you may very well be right that the United States is heading for the mother of all calamities. But a handful of people are going to get very rich in the process and that seems to be all that really matters.
Artwork by Luuva.